Vivek Gupta Quits As CoinDCX CTO

SUMMARY

Vivek Gupta steps down as the CTO at CoinDCX after a five-year stint at the homegrown crypto exchange

The head of legal affairs at the crypto unicorn too on his way out, though CoinDCX is yet to confirm the development

The cryptocurrency startup said that it is ramping up its leadership desk with fresh recruitment in 100 open positions

CoinDCX chief technology officer (CTO) Vivek Gupta has resigned after a five-year stint at the crypto unicorn, the company confirmed to Inc42 today.

“Our CTO, Vivek Gupta, who has been an integral part of our journey for over five years, has been instrumental in building a world-class tech platform and scaling a 200+ member engineering team. As Gupta moves on to explore new opportunities, we remain deeply grateful for his contributions, particularly in establishing a global engineering hub that supports our growth in India and international markets,” CoinDCX said in a statement.

Gupta’s next move, however, remains unknown so far.

Sources told Inc42 that the startup’s head of legal affairs, Tushar Tarun, is also on his way out and is serving the notice period. CoinDCX did not confirm his departure yet.

According to his LinkedIn profile, Gupta joined CoinDCX in 2020 as the executive vice-president of technology.

Tarun’s Linkedin profile, on the other hand, shows that he has been associated with the startup for little over a year since he moved from Cashfree Payments in April last year.

CoinDCX said that it is strengthening its leadership bench and is hiring across key roles. “We have over 100 open positions, including new senior leadership roles such as CFO and general counsel,” it said.

Entrackr was the first to cover Gupta’s exit. The publication mentioned that the startup’s finance head Abhinav Jain Janka too has stepped down from his role, but CoinDCX denied this. “The news around Janka moving out is incorrect,” said a spokesperson for the crypto exchange.

Founded in 2018 by Sumit Gupta and Neeraj Khandelwal, CoinDCX allows users to trade in cryptocurrencies and other digital assets. The platform claims to have a userbase of over 1.6 Cr and more than 500 registered crypto assets.

The startup went on to become India’s first crypto exchange unicorn in 2021 after it raised $90 Mn in a Series C round, led by Facebook cofounder Eduardo Saverin’s B Capital Group.

According to the company’s standalone financial statements for FY24, accessed from Tofler, its operating revenue declined 12.41% to INR 391.70 Cr from INR 447.70 Cr a year back. Its net profit too fell 45.27% to INR 15.46 Cr from INR 28.25 Cr.

The crypto startup claimed that its user base and trade volumes have increased in the last one year.

While expanding its operations to the Middle East and North Africa (MENA) region with the launch of its virtual asset trading platform BitOasis in Bahrain earlier this year, CoinDCX said that it had received a crypto-asset services licence from the country’s central bank.

CoinDCX competes with the likes of Coinbase, Binance and CoinSwitch Kuber in India’s crypto exchange market.